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Solar and storage economics are shaped by more than the asset itself. This line measures the indices, spreads and realised capture that sit between an operating system and its revenue case.
A top-bottom spread knows the best charge and discharge windows after the day is over. A real battery does not. The index measures the gap, asset by asset and region by region, from primary market data.
Read the Q1 2026 indexExplore the asset ledgerQ1 2026 TB4 index
AUD per nominated MW, by NEM region
TB4 is a transparent, perfect-foresight reference: the sum of each day's four highest-priced hours less its four lowest-priced hours. It is not a claim about any asset's contract or total revenue.
The first release covers all 60 NEM bidirectional batteries registered in Q1 2026. It compares five-minute, energy-only observed revenue with duration-matched TBx reference values, flagging commissioning units rather than silently excluding them.
The quarterly report, methodology, index definition and selected asset findings remain open to read and cite.
The working layer is being shaped for teams that need full ledgers, historical comparisons and exportable evidence.
Every quarter is a dated release. Method changes and data corrections are called out, not folded invisibly into the series.
Market-structure research is useful only when the assumptions are inspectable. The public index names its source data, calculation boundary and limits. Research access will extend that discipline to the working ledger, releases and evidence needed in professional workflows.
A defined quarterly release for teams that need recurring capture data, asset comparisons and exportable evidence. The public index stays open; access covers the working ledger and delivery discipline.